Soy Protein Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global soy protein market, valued at USD 11.26 Billion in 2024, has experienced significant growth, being an ideal choice for vegan and vegetarian diets as an alternative to animal-based proteins. The market is projected to grow at a compound annual growth rate (CAGR) of 7.00% from 2025 to 2034, potentially reaching USD 22.15 Billion by 2034, driven by its wide use in various food applications, including plant-based meat alternatives, snacks, and beverages.

Global Soy Protein Market Growth

The growth of the soy protein market is driven by its many advantages, including being a complete, high-quality protein that provides all essential amino acids. It is an excellent choice for vegan and vegetarian diets as an alternative to animal-based proteins. Soy protein also promotes heart health, helps in muscle recovery, and supports weight management by increasing satiety. Sun Nutrafoods has launched a Soy Protein Isolate with at least 90% protein content under its SoyNutra brand. This product is available in three variations: SoyNutra SPI-S for food fortification, SoyNutra SPI-G for gelling applications, and SoyNutra SPI-WD for instant beverages and infant foods.

Soy protein is naturally free from gluten and lactose, making it suitable for individuals with dietary sensitivities or intolerances, which further influences the soy protein market dynamics and trends. It also contains isoflavones that may aid in managing menopausal symptoms. The protein is highly digestible, promoting efficient absorption by the body. Additionally, soy protein is considered a more sustainable choice compared to animal-based proteins, as it requires fewer resources.

Key Trends and Recent Developments

The soy protein market growth is driven by the increasing demand for plant-based foods, a growing focus on health and wellness, advancements in protein processing technologies, and rising concerns about sustainability and environmental impact.

July 2024

Plant-based brand Plantaway launched India’s first plant-based chicken fillet, called the Chick’n Fillet. The product is designed to replicate the taste and texture of chicken, suitable for grilling, baking, or sautéing, and aims to set a new standard in the market by satisfying even the most discerning palates.

September 2023

vEEF introduced a new range of plant-based meat analogues in Australia, addressing consumer concerns about cost. After merging with Love Buds, vEEF launched affordable options like beef mince and sausages, priced at AUD 4.50 per 300g, significantly cheaper than conventional meat products available at Woolworths.

April 2022

ADM revealed a USD 300 million investment to boost its alternative protein production in Decatur, Illinois. This expansion nearly doubled the extrusion capacity for soy protein concentrate. Additionally, a new Protein Innovation Center was established, fostering innovation, and allowing ADM to meet the rising demand for alternative proteins.

February 2020

Cargill launched new plant-based patties and ground products, expanding protein options for foodservice and retail customers. These offerings, including private label solutions, allowed businesses to tap into the growing plant-based protein market. The products were introduced to retailers, supporting consumer demand for plant-based alternatives.

Rising Demand for Plant-Based Foods is Impacting the Soy Protein Market Revenue

The increasing global shift towards plant-based diets is significantly driving the demand for soy protein. As a sustainable, cruelty-free alternative to animal-based proteins, soy protein has gained popularity, particularly in vegan and vegetarian food categories. Plant-based meat alternatives, dairy substitutes, and protein-enriched snacks are some of the key products contributing to the growth of the soy protein market. In February 2024, Amfora introduced its first commercial products, including Ultra-High Protein Soy Flour, Texturized Vegetable Protein, and Crisps. These offerings were derived from Amfora’s proprietary soybeans, developed through conventional breeding to naturally contain 25% more protein than traditional soybeans.

Increasing Focus on Health and Wellness is Boosting Soy Protein Market Development

As health and wellness become increasingly important to consumers, the demand for plant-based proteins like soy is growing. Soy protein’s benefits, including positive effects on heart health, muscle development, and weight management, make it a popular choice for health-conscious individuals. This rising awareness of nutrition is further boosting the demand for soy protein. In October 2023, Nestlé launched a soy-dairy milk blend in Central and West Africa, offering an affordable, nutritious instant milk powder. Developed locally in Côte d'Ivoire, the product is rich in protein, fibre, calcium, and iron, and is suitable for use in cereals, porridges, and drinks.

Technological Advancements in Protein Processing is Driving Soy Protein Market

The soy protein market is benefiting from rapid advancements in protein processing technologies, including improved extraction and texturisation methods. These innovations are enhancing the taste, texture, and functionality of soy protein, making it a more appealing ingredient for various food applications, particularly in plant-based meats and dairy substitutes. In June 2021, Tyson Foods introduced its First Pride™ brand of plant-based products in selected retail markets and e-commerce platforms across the Asia-Pacific. Initially launched in Malaysia, the brand aimed to make protein more affordable and accessible to consumers, with plans to expand across the region in the future.

Sustainability and Environmental Concerns Act as a Key Trend in the Soy Protein Market

With increasing concerns about climate change, the demand for sustainable protein sources has surged. Soy protein is gaining recognition as an environmentally friendly alternative to animal-based proteins due to its lower resource requirements and reduced greenhouse gas emissions. This growing focus on sustainability is driving soy protein adoption among eco-conscious consumers. In July 2024, Nestlé launched Maggi Rindecarne, a plant-based meat alternative in Chile, featuring a blend of soy and spices. This product allows consumers to extend meals by mixing meat with plant-based proteins, increasing servings affordably while maintaining nutritional value and taste in various dishes.

Global Soy Protein Market Trends

The demand for the soy protein market has increased due to its versatility, allowing it to be used in a wide range of food products, from plant-based meat alternatives to snacks and drinks. It provides allergen-free options for those who are not allergic to soy and is rich in calcium, promoting bone health. Its low-fat content makes it suitable for low-fat diets. DuPont™ Danisco® developed a range of over a dozen ingredients for plant-based meat alternatives, including options for beef, chicken, pork, and seafood. VEGE cultures were used with various plant materials, such as soy and oats, to enhance taste and texture. The range was further expanded to include HOWARU® probiotics, offering digestive health benefits.

The growth of the soy protein market is driven by its antioxidant properties, which may help reduce oxidative stress. It has the potential to enhance skin health by improving hydration and elasticity. Moreover, its complex carbohydrate content offers sustained energy. Soy protein also supports immune function, alleviates inflammation, and benefits those with chronic conditions. The increasing demand for plant-based proteins continues to fuel market expansion and innovation.

Global Soy Protein Industry Segmentation

The report titled “Global Soy Protein Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Isolate
• Concentrate
• Textured Soy Protein

Market Breakup by Application

• Bakery and Confectionery
• Functional Foods
• Pharmaceuticals
• Meat Additives
• Feed
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Global Soy Protein Market Share

According to the soy protein market analysis, the market is primarily driven by the pharmaceutical industry, where it is utilised in the development of protein-based medicines and supplements. Due to its high digestibility and amino acid profile, it is an effective ingredient in therapeutic nutrition, supporting muscle health, immunity, and recovery. Furthermore, soy protein is ideal for creating lactose-free or vegan alternatives. In May 2024, Otsuka Pharmaceutical Co., Ltd. and its subsidiary, Korea Otsuka Pharmaceutical Co., Ltd., announced the online release of the whole-soy nutrition bar, SOYJOY, in South Korea. It will be available in Health and Beauty stores and convenience stores from June 2024, highlighting soy’s health benefits.

The growth of the soy protein market is driven by its essential role in meat additives, especially within plant-based meat alternatives. It enhances the texture, taste, and nutritional profile, providing a source of high-quality protein. Used in vegetarian and vegan products, soy protein helps replicate meat-like sensory properties while offering essential amino acids and improving product appeal. In November 2024, ICL Food Specialties and DAIZ Engineering launched ROVITARIS® SprouTx™, an innovative soy protein addressing sensory challenges in plant-based meat and seafood. Through proprietary germination technology, this product creates better-tasting, textured proteins without the typical "beany" or bitter taste, enhancing the consumer experience.

Competitive Landscape

The soy protein market key players operate across the full agricultural value chain, from cultivating and sourcing raw materials to processing, distributing, and trading a wide array of products. Their core businesses include edible oils, grains, sugar, and oleochemicals. These companies manage extensive networks of oilseed crushing plants, refineries, and plantations, maintaining a strong presence in both consumer and industrial markets. They also emphasise sustainable agricultural practices, focusing on ensuring traceability and transparency throughout their supply chains.

Cargill, Incorporated

Headquartered in Minnesota, United States, Cargill, Incorporated, was established in 1865. The global corporation is a leader in the food, agriculture, and industrial sectors. Cargill provides services and products in areas such as nutrition, risk management, and supply chain optimisation, helping customers meet increasing global demands.

Wilmar International Limited

Wilmar International Limited, founded in 1991, is headquartered in Singapore. As one of Asia's leading agribusiness groups, it operates across the entire value chain, from plantation management and food processing to trading and distribution. Wilmar’s core business includes edible oils, grains, and sugar.

CHS Inc.

Established in 1931 and headquartered in Minnesota, United States, CHS Inc. is a leading global agribusiness and food company. It provides grain marketing, energy solutions, and crop nutrients. CHS supports farmers, ranchers, and consumers with services aimed at increasing agricultural efficiency and sustainability.

Nutrition & Biosciences

Nutrition & Biosciences, now a part of IFF (International Flavors & Fragrances), was founded in 1902 and operates from its headquarters in New York. The company develops innovative solutions in nutrition, health, and biosciences, focusing on improving food, beverages, health, and personal care products globally.

Another key player in the soy protein market report is Archer Daniels Midland Company, among others.